Citibank Introduces First Notional Pooling Capability in Uruguay: An Important, New Option in Managing Cash Balances in Latin America.MONTEVIDEO, Uruguay--(BUSINESS WIRE)--Feb. 14, 1997--Citibank today introduced Latin America's first notional no·tion·al adj. 1. Of, containing, or being a notion; mental or imaginary. 2. Speculative or theoretical. 3. pooling capability for multinational corporations
The new service was launched on the heels of the Central Bank of Uruguay's approval on Feb. 7 of the legal framework for notional pooling here. The new service augments both Citibank's strong physical and notional pooling capability in Europe and its physical pooling capability in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Citibank also announced plans to launch a notional pooling capability for New York-based cash management accounts, which will establish Citibank as the only provider of such services in both New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Uruguay, and in Asia and in Europe. Notional pooling is a way to combine various working capital accounts and is a treasury management tool used by certain corporations to maximize cash flow, manage cash positions more effectively, optimize liquidity and increase earnings. It is especially useful for corporations with specific cross-border risk Cross-border risk Describes the volatility of returns on international investments caused by events associated with a particular country as opposed to events associated solely with a particular economic or financial agent. of operational issues to consider. "This is an important step both for multinational corporations -- looking to use this cash management tool -- and for Uruguay, which is establishing itself more and more as an important regional treasury center," said Emilio Arcani, head of Global Transaction Services in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. for Citibank. "We believe that this service will help our multinational clients who are expanding rapidly in Latin America and who are seeking to locally manage and integrate their fastest-growing operations. These companies are also looking to handle the increasing risk, liquidity management and investment management issues associated with global expansion and this is one of many ways in which we are helping them." Notional pooling services in Uruguay represent a major contribution to Citibank's regional and global cash management capabilities by providing an important additional option for corporations in the management of their cash balances in Latin America. The availability of this service enhances the ability of corporations to consider regional liquidity structures in Latin America and possibly combine them with activities of a regional treasury center. A leader in treasury management solutions for Latin America corporations and financial institutions, Citibank has had a presence in Latin America since 1914 and has operated in Uruguay since 1915. Today, it has the most extensive presence of any financial institution in the Latin American region -- with full service branches in 24 countries. Globally, Citibank provides more transaction banking services in more countries than any other bank. Through its Global Transaction Services (GTS GTS abbr. gas turbine ship ) organization, Citibank delivers some of the market's most innovative, sophisticated cash management, securities services and trade finance solutions. Each day, Citibank's GTS business process transactions totaling more than $1 trillion. CONTACT: Citibank Latin America Uruguay: Eduardo Moran Moran equitable councillor to King Feredach. [Irish Hist.: Brewer Dictionary, 728] See : Justice , 598/296-0320 Argentina: David Cox Prominent people named David Cox:
or North America Stamford, CT: Loreen Lewis, 203/975-6846 Miami, FL: Fernando Rodriguez del Bosque, 305/347-1424 or Europe London: Louise Redfern, (71) 500-5303 |
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